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Last Updated : May 15, 2020 10:28 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 75.40 - 75.30 : ICICI Direct

ICICI Direct This may help the rupee to appreciate as, overall, it is expected to trade in a range.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee slipped 10 paisa and ended at 75.56 as traders fear concerns how the | 20 lakh package would be financed as there is no clarity from the government • The Dollar index has moved near its previous high and ended near 100.30 levels. However, trade war fears and rise in US initial claims data would be key factors deciding the trend of Dollar Index.

Currency futures on NSE

The dollar-rupee contract on the NSE was at 75.64 in the last session. The open interest fell by almost 3.1% during the last session • The Dollar index has moved near its previous supply line. If it retraces towards 100 again, EM curries will see a pullback. This may help the rupee to appreciate as, overall, it is expected to trade in a range.

Intra-day strategy 

US$INR May futures contract (NSE)View: bearish on US$INR
Sell US$ in the range of 75.60-75.70Market Lot: US$1000
Target: 75.40/ 75.30Stop Loss: 75.80
Support: 75.00/75.2Resistance: 75.6/75.80
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on May 15, 2020 10:28 am
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